Office of the Historian

Mr. Conger to Mr. Hay.

[Telegram.—Paraphrase.]
American Legation,
Peking, October 23, 1904.

(Mr. Conger reports the proposal of the Chinese Government concerning the payment of the indemnity.

  • First. That the rate of exchange hereafter shall be fixed monthly upon the average daily rate, instead of taking the rate of the day of payment.
  • Second. That interest on the arrears resulting from payments at silver instead of gold rates up to January 1 next shall be canceled.
  • Third. That interest at 4 per cent per annum shall be allowed on all interest and amortization deposited monthly in designated banks before due.

The Chinese Government promises to pay, in January next, the accrued difference between silver and gold payments, and all succeeding payments when due at a gold rate, if the above proposal is accepted by the powers. Mr. Conger requests to be instructed what course he is to take.)